LIMA, Peru--(BUSINESS WIRE)--February 28, 2014--
Compañia de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE:BVN; Lima Stock Exchange:BUE.LM), Peru’s largest publicly-traded precious metals mining company, announced today results for the fourth quarter 2013 (4Q13) and full year (FY13) periods, ended December 31, 2013. All figures have been prepared in accordance with IFRS (International Financial Reporting Standards), on a non GAAP basis and stated in U.S. dollars (US$).
Comments from the Chief Executive Officer:
Mr. Roque Benavides, Buenaventura’s Chief Executive Officer, stated:
“During the fourth quarter, Buenaventura’s operating income was US$13.8 million, 84% lower than in 4Q12. Net income was negative US$288.4 million, including a US$453.3 million non-cash impairment from Yanacocha. EBITDA from Direct Operations was US$67.3 million, 48% lower than in 4Q12.
EBITDA including Affiliates was US$163.6 million, 42% lower than the figure reported in 4Q12.
Financial Highlights (in millions of US$, except EPS figures):
4Q13 4Q12 Var% FY13 FY12 Var%
---------------------------- ------ ----- ----- ------- ------- -----
Total Revenues 299.2 424.2 -29% 1,285.5 1,563.5 -18%
---------------------------- ------ ----- ----- ------- ------- -----
Operating Income 13.8 86.7 -84% 132.3 422.5 -69%
---------------------------- ------ ----- ----- ------- ------- -----
EBITDA Direct Operations 67.3 130.2 -48% 293.8 574.2 -49%
---------------------------- ------ ----- ----- ------- ------- -----
EBITDA Including Affiliates 163.6 281.5 -42% 813.3 1,443.1 -44%
---------------------------- ------ ----- ----- ------- ------- -----
Net Income -288.4 154.1 -287% -101.7 703.6 -114%
---------------------------- ------ ----- ----- ------- ------- -----
Adjusted Net Income 164.9 154.1 7% 351.7 703.6 -50%
---------------------------- ------ ----- ----- ------- ------- -----
EPS -1.13 0.61 -287% -0.40 2.77 -114%
---------------------------- ------ ----- ----- ------- ------- -----
Adjusted EPS 0.65 0.61 7% 1.38 2.77 -50%
---------------------------- ------ ----- ----- ------- ------- -----
(*) as of December, 2013, Buenaventura had 254,186,867 shares outstanding.
Operating Revenues
During 4Q13, net sales were US$292.0 million, a 29% decrease compared to the US$411.6 million reported in 4Q12. This was explained by lower metal prices as well as a reduction in silver and copper volumes sold.
Royalty income decreased 43%, to US$7.2 million in 4Q13 compared to the US$12.6 million reported in 4Q12. This was due to lower revenues at Yanacocha (42% lower QoQ).
Operating Highlights 4Q13 4Q12 Var% FY13 FY12 Var%
---------------------------------- ----- ----- ---- ------- ------- ----
Net Sales
(in millions of US$) 292.0 411.6 -29% 1,241.3 1,496.3 -17%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized Gold Price
(US$/oz)* 1,270 1,704 -25% 1,392 1,678 -17%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized Gold Price
(US$/oz) inc. Affiliates 1,272 1,710 -26% 1,408 1,669 -16%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized Silver Price
(US$/oz)* 20.82 31.94 -35% 22.33 31.07 -28%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized Lead Price
(US$/MT)* 2,106 2,240 -6% 2,105 2,076 1%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized
Zinc Price (US$/MT)* 1,885 1,947 -3% 1,869 1,919 -3%
---------------------------------- ----- ----- ---- ------- ------- ----
Average Realized Copper Price
(US$/MT)* 7,158 7,909 -9% 7,179 7,938 -10%
---------------------------------- ----- ----- ---- ------- ------- ----
(*) Buenaventura’s Direct Operations
Sales Content
------------------------------------------------------------------------------
4Q13 4Q12 Var% FY13 FY12 Var%
-------------------- --------- --------- ---- ---------- ---------- ----
Gold Oz Direct
Operations 101,442 92,417 10% 458,499 439,630 4%
-------------------- --------- --------- ---- ---------- ---------- ----
Gold Oz inc.
Affiliates 196,342 212,489 -8% 962,087 1,078,659 -11%
-------------------- --------- --------- ---- ---------- ---------- ----
Silver Oz 3,980,486 5,530,127 -28% 16,329,314 17,483,490 -7%
-------------------- --------- --------- ---- ---------- ---------- ----
Lead MT 5,908 5,522 7% 26,584 25,587 4%
-------------------- --------- --------- ---- ---------- ---------- ----
Zinc MT 7,866 5,267 49% 38,084 43,149 -12%
-------------------- --------- --------- ---- ---------- ---------- ----
Copper MT 8,333 12,033 -31% 25,406 22,348 14%
-------------------- --------- --------- ---- ---------- ---------- ----
Net sales for the twelve months of 2013 were US$1,241.3 million, 17% lower than in 2012 (US$1,496.3 million), while royalty income was US$44.2 million in 2013, a 34% decrease compared to the US$67.2 million reported in the same period 2012.
Production and Operating Costs
Buenaventura’s equity production(1) in 4Q13 was 103,868 ounces of gold, 4% lower than the 108,489 ounces reported in 4Q12, mainly due to the lower production from Orcopampa. Silver production, including affiliated companies, during 4Q13 was 4.8 million ounces, 5% higher compared to the figure reported in 4Q12 (4.6 million oz.).
Equity production(1) in FY 2013 was 451,311 ounces of gold and 18.9 million ounces of silver. This represented a 1% decrease in gold production (446,443 oz. in 2012) and a 4% increase in silver production compared to FY 2012 (18.3 million oz.).
Equity Production (1)
------------------------------------------------------------------------------
4Q13 4Q12 Var% FY13 FY12 Var%
-------------------- --------- --------- ---- ---------- ---------- ----
Gold (oz) Direct
Operations 103,868 108,489 -4% 451,311 446,443 1%
-------------------- --------- --------- ---- ---------- ---------- ----
Gold (oz) inc.
Affiliated 184,323 211,448 -13% 895,345 1,033,969 -13%
-------------------- --------- --------- ---- ---------- ---------- ----
Silver (oz) inc.
Affiliated 4,803,361 4,593,711 5% 18,905,280 18,262,156 4%
-------------------- --------- --------- ---- ---------- ---------- ----
Lead ( MT) 5,999 5,844 3% 25,579 25,345 1%
-------------------- --------- --------- ---- ---------- ---------- ----
Zinc ( MT) 7,904 6,787 16% 34,980 39,139 -11%
-------------------- --------- --------- ---- ---------- ---------- ----
Copper (MT) inc.
Affiliated 18,685 20,670 -10% 64,647 66,221 -2%
-------------------- --------- --------- ---- ---------- ---------- ----
Orcopampa’s (100% owned by Buenaventura) total gold production in 4Q13 was 48,117 ounces, 20% lower than the 59,779 ounces reported in 4Q12. Production from the Chipmo mine during 4Q13 was 45,981 ounces, 17% lower compared to the 55,652 ounces reported in 4Q12, as a result of lower ore grade and tonnage treated in consequence of the 17-day strike in October (see Appendix 2). The old tailings treatment produced 2,136 ounces of gold (compared to 4,128 oz. in 4Q12). Total gold production in FY 2013 was 224,671 ounces, a 14% decrease compared to FY 2012 (260,379 oz.).
Cost Applicable to Sales (CAS) in 4Q13 was US$830/oz, 7% higher compared to 4Q12 (US$775/oz.). The higher cost was mainly explained by the lower gold production. CAS for the FY 2013 was US$802/oz compared to US$604/oz in 2012.
At Uchucchacua (100% owned by Buenaventura), total silver production in 4Q13 was 2.9 million ounces, in line with the 3.0 million ounces produced in 4Q12. Zinc production in 4Q13 was 2,154 MT, 27% lower than the figure reported in 4Q12 (2,931 MT), while lead production increased 29% (1,821 MT in 4Q13 vs. 2,556 MT in 4Q12). During 2013, silver production was 11.4 million ounces; zinc production was 8,146 MT, while lead production was 8,363 MT compared to 11.3 million ounces, 9,820 MT and 8,742 MT, respectively, in FY 2012.
Cost Applicable to Sales (CAS) in 4Q13 was US$12.86/oz, 8% lower than the figure reported in 4Q12 (US$13.94/oz.) due to higher grade ore. CAS for the FY 2013 was US$13.01/oz compared to US$13.58/oz in 2012.
At Mallay (100% owned by Buenaventura), total production in 4Q13 was 329,727 ounces of silver, 16% higher than in 4Q12 (284,161 oz), and 1.3 million ounces in FY 2013, 87% higher than the 0.7 million reported in FY 2012. Cost Applicable to Sales (CAS) in 4Q13 was US$11.30/oz, a decrease of 47% compared to US$21.46/oz in 4Q12. CAS for the FY 2013 was US$14.53/oz compared to US$27.98/oz in 2012.
(1) Production from Direct Operations includes 100% of Buenaventura’s operating units, 53.06% of La Zanja, 54.07% of El Brocal and 40.10% of Tantahuatay
At Julcani (100% owned by Buenaventura), total production in 4Q13 was 771,296 ounces of silver, 25% higher compared to 4Q12 (615,712 ounces), due to higher ore treated explained by the increase in plant capacity (from 400 TPD to 500 TPD). During FY 2013, silver production was 2.7 million ounces, 11% higher than the 2.4 million reported in FY 2012.
Cost Applicable to Sales (CAS) in 4Q13 was US$8.33/oz, 28% lower than 4Q12 (US$15.87/oz.), mainly explained by a reduction in exploration activities. CAS for the FY 2013 was US$10.32/oz compared to US$12.10/oz in 2012.
Breapampa’s (100% owned by Buenaventura) total production in 4Q13 was 21,918 ounces of gold with a CAS of US$447/oz. For the twelve months of 2013, gold production was 81,882 oz with a CAS of US$601/oz.
La Zanja’s (53.06% owned by Buenaventura) total production in 4Q13 was 33,451 ounces of gold, a 17% increase compared to 4Q12 (28,670 oz) and was due to an increase in ore grade (0.75 g/MT in 4Q13 vs. 0.64 g/MT in 4Q12). FY 2013 gold production was 137,395 ounces, 22% higher than in FY 2012 (112,387 oz.), in-line with La Zanja’s mining plan.
CAS in 4Q13 was US$617/oz, 29% lower than 4Q12 (US$866/oz.), due to the higher grade. CAS for the FY 2013 was US$643/oz compared to US$713/oz in 2012.
Tantahuatay’s (40.10% owned by Buenaventura) total production in 4Q13 was 33,417 ounces of gold (13,399 oz attributable to Buenaventura) 5% lower than the figure reported in 4Q12 (35,340 oz, 14,170 attributable to Buenaventura). During FY 2013, gold production was 142,667 ounces (57,202 oz. attributable to Buenaventura) compared to 141,268 (56,641 oz attributable to Buenaventura) in 2012.
CAS in 4Q13 was US$375/oz., 40% lower than in 4Q12 (US$624/oz.) due to the lower tonnage treated, in order to remain within the limits of its permits. CAS for the FY 2013 was US$536/oz compared to US$502/oz in 2012.
At El Brocal (54.07% owned by Buenaventura), copper production was 9,345 MT vs. 13,166 MT reported in 4Q12 (29% decrease). For FY 2013, copper production increased 13% (27,174 MT in 4Q13 versus 22,785 MT in 4Q12). Copper CAS was US$2,842/MT, 27% lower than the figure reported in 4Q12 (US$3,904/MT).
Silver production, from polymetallic and copper ores, increased 207%, from 0.2 million ounces in 4Q12 to 0.6 million ounces in 4Q13, due to lower tonnage treated and ore grade. During FY 2013, silver production decreased 36% from 3.1 million oz to 2.0 million oz in 2012.
During 4Q13, total zinc production was 4,321 MT versus no production in 4Q12. In FY 2013, zinc production decreased 31% (24,220 MT in 2013 versus 34,949 MT in 2012). Zinc CAS was US$757/MT in 4Q13. CAS for the FY 2013 was US$887/MT compared to US$903/MT in 2012.
General and Administrative Expenses
General and administrative expenses in 4Q13 were US$21.0 million, 3% lower than the figure reported in 4Q12 (US$21.6 million) due to lower worker’s profit sharing. For the FY 2013, general and administrative expenses were US$77.5 million versus US$99.3 million in the same period of 2012, representing a 22% decline.
Exploration in Non-Operating Areas
Exploration in non-operating areas during 4Q13 was US$9.4 million, compared to US$22.3 million reported in 4Q12. During the period, Buenaventura’s main exploration efforts were focused on the following projects: Marcapunta Oeste (US$5.2 million), La Zanja Underground (US$0.6 million) and Chanca (US$1.2 million). For FY 2013, exploration in non-operating areas were US$32.8 million versus US$95.5 million in FY 2012, representing a decrease of 66%.
Operating Income
Operating income in 4Q13 was US$13.8 million, 84% lower compared to the US$86.7 million reported in 4Q12 due to lower revenues.
During FY 2013, operating income was US$132.3 million, versus US$422.5 million in FY 2012, representing a 69% decrease.
Share in Affiliated Companies
During 4Q13, Buenaventura’s share in affiliated companies was negative US$282.3 million (compared to the US$105.1 million reported in 4Q12). Yanacocha’s contribution towards these results was a negative US$322.6 million due to an impairment of US$453.3. Cerro Verde’s contribution increased 12%, from US$31.0 million in 4Q12 to US$34.6 million in 4Q13. Coimolache’s (Tantahuatay mine) contribution decreased 35% (US$5.7 million in 4Q13 vs. US$8.8 million in 4Q12).
During FY 2013, Buenaventura’s share in affiliated companies was negative US$108.5 million compared to the US$481.8 million reported in 2012.
YANACOCHA
At Yanacocha (43.65% owned by Buenaventura), 4Q13 gold production was 184,318 ounces of gold, 22% lower than 4Q12 production (235,875 oz). Accumulated gold production in 2013 was 1,017,259 ounces, 24% lower than 2013 (1,345,992 oz.).
Net income, without considering the effect of the US$1.0 million impairment, was negative US$27.8 million (compared to US$75.7 million in 4Q12) explained by lower revenues and higher costs applicable to sales due to a US$43.1 million (cash) write-down from La Quinua, Yanacocha and Maqui Maqui pads. Accumulated net income in 2013 was US$154.9 million, 75% lower than 2012 (US$626.5 million). During 4Q13, EBITDA totaled US$43.5 million, a 77% decrease compared to 4Q12 (US$186.0 million). Accumulated EBITDA in 2013 was US$602.4 million, 52% lower than 2013 (US$1.2 billion).
Capital expenditures at Yanacocha were US$48.9 million in 4Q13 (US$172.5 million in 4Q12) and US$333.4 million in FY 2013 (US$995.0 million in FY 2012).
CERRO VERDE
At Cerro Verde (19.58% owned by Buenaventura), 4Q13 copper production was 69,318 MT (13,572 MT attributable to Buenaventura), a 1% increase compared to 4Q12 (68,874 MT and 13,486 MT attributable to Buenaventura). Accumulated total copper production in 2013 was 252,760 MT (49,490 MT attributable to Buenaventura), 6% lower than 269,649 MT in 2012 (52,797 MT attributable to Buenaventura).
During 4Q13, Cerro Verde reported net income of US$196.8 million, a 35% higher compared to US$146.2 million in 4Q12. This was mainly due to a 12% increase in sales revenues (US$562.3 million in 4Q13 versus US$501.0 million in 4Q12). Accumulated net income in 2013 was US$613.3 million, 21% lower than US$772.1 million in 2012.
Capital expenditures at Cerro Verde in 4Q13 totaled US$357.1 million and US$1,073.2 million in 2013.
COIMOLACHE (Tantahuatay operation)
At Coimolache (40.10% owned by Buenaventura), attributable contribution was US$5.7 million (US$8.8 million in 4Q12). During FY 2013, attributable contribution was US$20.8 million (US$40.2 million in FY 2012).
Net Income
Buenaventura’s 4Q13 net income was a negative US$288.4 million (negative US$1.13 per share), including a US$453.3 million (US$1.78 per share) non-cash impairment provision from Yanacocha, compared to US$154.1 million (US$0.61 per share) reported in 4Q12. Accumulated net income in FY 2013 was negative US$101.7 million (negative US$0.40 per share) compared to US$703.6 million in 2012 (US$2.69 per share).
Project Development and Exploration
Rio Seco Plant (100% ownership)
The plant is in ramp-up stage. This facility will allow:
1. Mining from accessible areas with high silver and manganese content.
2. Improving the quality of lead-silver concentrates from Uchucchacua mine by reducing manganese content.
3. Resultant manganese sulfate concentrate with commercial value.
Huanza Hydroelectric Plant (100% ownership)
Unit 2 started generating 46.3 MW, while Unit 1 will start its commissioning in March. This plant will assure energy supply for direct operations.
El Brocal Expansion (54.07% ownership)
El Brocal expansion from 6 ktpd to 18 ktpd was completed. Production will start in March to treat 11 ktpd of polymetallic ore from Colquijirca and 7 ktpd of copper ore from Marcapunta.
Tambomayo Project (100% ownership)
Advanced exploration includes drilling of new structures. Mine development and engineering studies are in progress. Environmental Impact Assessment and permits are expected in 2014 to initiate production in 2016.
Board Resolutions
At the Board of Directors meeting held February 27, 2014, the following resolutions were passed:
1. To accept the resignation of Mr. Aubrey Paverd as board member, due to age limit, thanking him for the 12 years that he served and contribute to Buenaventura; and to appoint Mr. Igor Gonzales as new board member to complete the current period.
2. To modify the following requirement to qualify as independent board member:
When the board member is an officer of a company that maintains commercial relationship with Buenaventura:
-- Previous requirement: the company's billing to Buenaventura should be
less than US$1 million and represent less than 2% of such company's
revenues.
-- New requirement: the company's billing to Buenaventura should be less
than US$1 million and represent less than 5% of such company's revenues. 3. To approve Buenaventura’s compliance policy:
a. Anti — Money Laundering (AML) and Counter-Terrorism Financing (CTF)
b. Anti-Bribery Policy (FCPA: Foreign Corrupt Practices Act.)
4. To call for the Annual Shareholders Meeting to be held on March 27, 2014 to:
a. Approve the Annual Report as of December, 31, 2013.
b. Approve the Financial Statements as of December, 31, 2013
c. Appoint Ernst and Young (Medina, Zaldivar, Paredes y Asociados) as External Auditors for fiscal year 2014.
d. Ratify the dividend policy amendment, which has been proposed by the Board of Directors.
e. Approve the payment of a cash dividend of 1.1 cents (US$) per share or ADS according to the Company’s dividend policy.
f. Elect the new members of the board for the period 2014 — 2016.
Company Description
Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded, precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Breapampa*, Mallay*, Julcani*, Recuperada*, El Brocal, La Zanja and Coimolache.
The Company owns 43.65% of Minera Yanacocha S.R.L (a partnership with Newmont Mining Corporation), an important precious metal producer; 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer, and 49% of Canteras del Hallazgo S.A, owner the Chucapaca project.
For a printed version of the Company’s 2012 Form 20-F, please contact the investor relations contacts on page 1 of this report, or download the PDF format file from the Company’s web site at www.buenaventura.com.
(*) Operations wholly owned by Buenaventura
Note on Forward-Looking Statements
This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company’s, Yanacocha’s and Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to the Company’s, Yanacocha’s and Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.
**Tables to follow**
APPENDIX 1
Equity Participation in
Subsidiaries and Affiliates (as of September 30, 2013)
------------------------------------------------------------------------------
BVN Operating
Equity % Mines / Business
--------------------------------- -------- ---------------------------------
Consorcio Energético de 100.00 Energy -- Huanza Hydroelectrical
Huancavelica S.A* Project
--------------------------------- -------- ---------------------------------
Buenaventura Ingenieros S.A* 100.00 Engineering Consultant
--------------------------------- -------- ---------------------------------
Processadora Industrial Rio Seco 100.00 Rio Seco chemical plant
S.A*
--------------------------------- -------- ---------------------------------
El Molle Verde S.A.C* 100.00 Trapiche project
--------------------------------- -------- ---------------------------------
Minera La Zanja S.A* 53.06 La Zanja
--------------------------------- -------- ---------------------------------
Sociedad Minera El Brocal S.A.A* 54.07 Colquijirca and Marcapunta
--------------------------------- -------- ---------------------------------
Canteras del Hallazgo S.A ** 49.00 Chucapaca project
--------------------------------- -------- ---------------------------------
Compañía Minera 40.10 Tantahuatay
Coimolache S.A **
--------------------------------- -------- ---------------------------------
Minera Yanacocha S.R.L ** 43.65 Yanacocha
--------------------------------- -------- ---------------------------------
Sociedad Minera Cerro Verde S.A.A 19.58 Cerro Verde
**
--------------------------------- -------- ---------------------------------
(*)Consolidates
(**) Equity Accounting
APPENDIX 2
GOLD PRODUCTION
Three Months Ended December 31 Full Year
Orcopampa Old
Orcopampa Tailings Orcopampa Orcopampa Old Tailings
-------------------- ------ ------------------ ------ ---------- ---------- ------- --------------------------
2013 2012 % 2013 2012 % 2013 2012 % 2013 2012 %
Ore
Milled
DMT 99,093 110,783 -11% 48,125 106,442 -55% 443,537 461,436 -4% 425,639 446,593 -5%
Ore Grade
OZ/MT 0.477 0.53 -10% 0.059 0.053 12% 0.487 0.543 -10% 0.048 0.060 -19%
Recovery
Rate % 97.2% 95.6% 2% 75.7% 73.8% 3% 96.2% 95.9% 0% 76.1% 76.1% 0%
Ounces
Produced 45,981 55,652 -17% 2,136 4,128 -48% 208,774 240,134 -13% 15,897 20,245 -21%
Orcopampa Total
Production 4Q13 48,117 4Q12 59,780 FY2013 224,671 FY2012 260,379
La Zanja Tantahuatay
4Q13 4Q12 % FY2013 FY2012 % 4Q13 4Q12 % FY2013 FY2012 %
Ounces
Produced 33,451 28,670 17% 137,395 112,387 22% 33,417 35,340 -5% 142,667 141,268 1%
Breapampa
4Q13 4Q12 % FY2013 FY2012 %
Ounces
Produced 21,918 8,817 149% 81,882 8,817 829%
SILVER PRODUCTION
Three Months Ended December 31 Full Year
Uchucchacua Colquijirca Uchucchacua Colquijirca
2013 2012 % 2013 2012 % 2013 2012 % 2013 2012 %
--------- --------- --------- ------ ------- --------- ----- ---------- ---------- ------ --------- --------- ---
Ore
Milled
DMT 238,390 265,335 -10% 198,885 1,001,102 1,049,301 -5% 1,268,781 1,689,846 -25%
Ore Grade
OZ/MT 15.209 14.00 9% 2.89 14.18 14.33 -1% 1.41 1.32 7%
Recovery
Rate % 79.2% 77.4% 2% 67.0% 80.6% 73.5% 10% 66.2% 63.2% 5%
Ounces
Produced 2,871,959 3,012,187 -5% 385,221 11,444,751 11,263,322 2% 1,186,022 1,410,027 -16%
ZINC PRODUCTION
Three Months Ended December 31 Full Year
Uchucchacua Colquijirca Uchucchacua Colquijirca
2013 2012 % 2013 2012 % 2013 2012 % 2013 2012 %
--------- --------- --------- ------ ------- --------- ----- ---------- ---------- ------ --------- --------- ---
Ore
Milled
DMT 238,390 265,335 -10% 198,885 1,001,102 1,049,301 -5% 1,268,781 1,689,846 -25%
Ore Grade
% 1.32% 1.63% -19% 3.40% 1.23% 1.51% -18% 2.97% 2.93% 1%
Recovery
Rate % 68.4% 67.8% 1% 63.98% 66.0% 62.0% 7% 64.26% 67.1% -4%
MT
Produced 2,154 2,931 -27% 4,321 8,146 9,820 -17% 24,219 33,268 -27%
APPENDIX 3: EBITDA RECONCILIATION (in thousands of US$)
4Q13 4Q12 FY 2013 FY 2012
-------------------------------------- -------- -------- ------- ---------
Net Income -280,492 163,323 -74,154 763,046
-------------------------------------- -------- -------- ------- ---------
Add / Substract: 347,819 -33,133 367,985 -188,837
-------------------------------------- -------- -------- ------- ---------
Provision for income tax, net 14,493 28,551 86,614 144,236
-------------------------------------- -------- -------- ------- ---------
Share in associated companies by the
equity method, net 282,323 -105,105 108,483 -481,826
-------------------------------------- -------- -------- ------- ---------
Interest income -4,270 -1,725 -6,623 -9,486
-------------------------------------- -------- -------- ------- ---------
Interest expense 1,460 3,608 10,970 8,290
-------------------------------------- -------- -------- ------- ---------
Loss on currency exchange difference 303 -1,969 7,012 -1,715
-------------------------------------- -------- -------- ------- ---------
Long Term Compensation provision 4,487 -5,592 -15,979 1,720
-------------------------------------- -------- -------- ------- ---------
Depreciation and Amortization 39,729 38,803 165,477 123,043
-------------------------------------- -------- -------- ------- ---------
Workers' participation provision 2,700 6,679 5,437 23,284
-------------------------------------- -------- -------- ------- ---------
Impairment of Long-Lived Assets 6,594 3,617 6,594 3,617
-------------------------------------- -------- -------- ------- ---------
EBITDA Buenaventura Direct
Operations 67,327 130,190 293,831 574,209
-------------------------------------- -------- -------- ------- --------- EBITDA Yanacocha (43.65%) 18,986 81,185 262,837 542,067 -------------------------------------- -------- -------- ------- --------- EBITDA Cerro Verde (19.58%) 64,586 53,276 206,061 256,050 -------------------------------------- -------- -------- ------- --------- EBITDA Coimolache (40%) 12,713 16,836 50,610 70,793 -------------------------------------- -------- -------- ------- --------- EBITDA Buenaventura + All Associates 163,611 281,487 813,338 1,443,119 -------------------------------------- -------- -------- ------- ---------
Note:
EBITDA (Buenaventura Direct Operations) consists of earnings before net interest, taxes, depreciation and amortization, share in affiliated companies, net, loss on currency exchange difference, other, net, provision for workers’ profit sharing and provision for long-term officers’ compensation.
EBITDA (including Affiliates) consists of EBITDA (Buenaventura Direct Operations), plus (1) Buenaventura’s equity share of EBITDA (Yanacocha) (2) Buenaventura’s equity share of EBITDA (Cerro Verde), plus (3) Buenaventura’s equity share of EBITDA (Coimolache). All EBITDA mentioned were similarly calculated using financial information provided to Buenaventura by the affiliated companies.
Buenaventura presents EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) to provide further information with respect to its operating performance and the operating performance of its equity investees, the affiliates. EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) are not a measure of financial performance under IFRS, and may not be comparable to similarly titled measures of other companies. You should not consider EBITDA (Buenaventura Direct Operations) and EBITDA (including affiliates) as alternatives to operating income or net income determined in accordance with IFRS, as an indicator of Buenaventura’s, affiliates operating performance, or as an alternative to cash flows from operating activities, determined in accordance with IFRS, as an indicator of cash flows or as a measure of liquidity.
APPENDIX 4: PROVEN AND PROBABLE RESERVES
Grade
Oz /
GOLD % Ownership MT (000) MT Oz (000) Attributable
----------- --------- ------- -------- ------------
Orcopampa 100.00 634 0.527 334 334
Breapampa 100.00 2,279 0.042 96 96
Poracota 100.00 108 0.343 37 37
Antapite 100.00 37 0.335 13 13
Julcani 100.00 373 0.018 7 7
Mallay 100.00 123 0.042 5 5
Shila - Paula 100.00 13 0.351 4 4
El Brocal Marcapunta
(Sulphides) 54.07 16,421 0.011 180 97
La Zanja 53.06 14,248 0.023 333 176
La Zanja (On Pads) 53.06 27 14
Yanacocha 44.35 199,184 0.032 5,751 2,551
Yanacocha (Conga) 44.35 536,015 0.023 12,582 5,580
Tantahuatay (Oxides) 40.10 51,955 0.014 735 295
Total 821,392 0.024 20,104 9,209
Grade
Oz /
SILVER % Ownership MT (000) MT Oz (000) Attributable
----------- --------- ------- -------- ------------
Uchucchacua (Silver -
Sulphides) 100.00 3,485 16.854 58,738 58,738
Uchucchacua (Zinc -
Sulphides) 100.00 64 7.496 486 486
Uchucchacua (Silver -
Oxides) 100.00 287 19.742 5,660 5,660
Julcani 100.00 373 20.249 7,555 7,555
Breapampa 100.00 2,279 0.823 1,876 1,876
Mallay 100.00 123 12.632 1,562 1,562
Orcopampa 100.00 634 1.389 881 881
Recuperada 100.00 64 9.899 630 630
Shila - Paula 100.00 13 0.694 9 9
Poracota 100.00 108 0.024 3 3
El Brocal (Tajo Norte
- La Llave) 54.07 56,111 0.830 46,572 25,182
El Brocal Marcapunta
(Sulphides) 54.07 16,421 0.530 8,703 4,706
La Zanja 53.06 14,248 0.201 2,869 1,522
La Zanja (On Pads and
Plant) 53.06 919 487
Yanacocha 44.35 292,435 0.254 75,590 33,524
Yanacocha (Conga) 44.35 536,015 0.066 37,784 16,757
Tantahuatay Oxides 40.10 51,955 0.346 18,035 7,231
Cerro Verde
(Sulphides) 19.58 4,047,372 0.047 192,860 37,762
Cerro Verde (Oxides) 19.58 563,840 0.010 5,430 1,063
Total 5,585,829 0.083 466,163 205,634
Prices used for
Reserve
calculation:
Gold US$1,200/oz
Silver US$20/oz
PROVEN AND PROBABLE
RESERVES
Grade
Oz /
ZINC % Ownership MT (000) MT MT (000) Attributable
----------- --------- ------- -------- ------------
Uchucchacua (Silver -
Sulphides) 100.00 3,485 1.42 49 49
Uchucchacua (Zinc -
Sulphides) 100.00 64 6.60 4 4
Mallay 100.00 123 8.47 10 10
Recuperada 100.00 64 6.49 4 4
El Brocal (Tajo Norte
- La Llave) 54.07 56,111 2.38 1,335 722
Total 59,848 2.35 1,404 790
Grade
Oz /
LEAD % Ownership MT (000) MT MT (000) Attributable
----------- --------- ------- -------- ------------
Uchucchacua (Silver -
Sulphides) 100.00 3,485 1.05 37 37
Uchucchacua (Zinc -
Sulphides) 100.00 64 5.10 3 3
Julcani 100.00 373 2.27 8 8
Mallay 100.00 123 6.64 8 8
Recuperada 100.00 64 3.55 2 2
El Brocal (Tajo Norte
- La Llave) 54.07 56,111 0.78 438 237
Total 60,221 0.82 496 268
Grade
Oz /
COPPER % Ownership MT (000) MT MT (000) Attributable
----------- --------- ------- -------- ------------
Julcani 100.00 373 0.44 2 2
El Brocal Marcapunta
(Sulphides) 54.07 16,421 1.99 327 177
Yanacocha (Conga) 44.35 536,015 0.28 1,501 666
Cerro Verde
(Sulphides) 19.58 4,047,372 0.37 14,975 2,932
Cerro Verde (Oxides) 19.58 563,840 0.49 2,763 541
Total 5,164,022 0.38 19,567 4,317
Grade
Oz /
MOLYBDENUM % Ownership MT (000) MT MT (000) Attributable
--------------------- ----------- --------- ------- -------- ------------
Cerro Verde
(Sulphides) 19.58 4,047,372 0.014 567 111
Cerro Verde (Oxides) 19.58 563,840 0.003 17 3
Total 4,611,213 0.013 584 114
Prices used for Reserve calculation:
Zinc US$1,900/MT
Lead US$2,050/MT
Copper US$6,600/MT
APPENDIX 5
Compañía de Minas Buenaventura S.A.A. and
Subsidiaries
Consolidated Statement of Financial Position
As of December 31, 2013 and 2012
2013 2012
Assets US$(000) US$(000)
Current assets
Cash and cash equivalents 61,898 186,712
Financial assets at fair value through profit or loss - 54,509
Trade and other accounts receivable, net 260,434 362,904
Income tax credit 37,370 24,629
Prepaid expenses 14,597 11,837
Embedded derivatives for concentrate sales, net 1,857 -
Inventory, net 175,719 157,533
--------- ---------
Total current assets 551,875 798,124
Non-current assets
Trade and other accounts receivable, net 20,607 40,079
Long-term inventory 23,366 40,253 Investment in associates 2,358,410 2,469,888
Mining concessions, development costs and property,
plant and equipment, net 1,515,460 1,159,805
Deferred income tax asset, net 83,525 111,701
Other assets 7,132 5,123
--------- ---------
Total non-current assets 4,008,500 3,826,849
Total assets 4,560,375 4,624,973
--------- ---------
Liabilities and shareholders' equity
Current liabilities
Trade and other accounts payable 303,951 267,472
Provisions 69,800 71,780
Hedge derivatives financial instruments 1,093 -
Embedded derivatives for concentrate sales, net - 4,939
Financial obligations 11,370 5,815
--------- ---------
Total current liabilities 386,214 350,006
Non-current liabilities
Trade and other accounts payable 12,229 731
Provisions 106,376 100,041
Financial obligations 223,027 173,489
--------- ---------
Total non-current liabilities 341,632 274,261
Total liabilities 727,846 624,267
--------- ---------
Shareholders' equity
Issued capital, net of treasury shares for
US$(000)62,665 750,497 750,540
Investment shares, net of treasury shares for
US$(000)765 1,396 1,399
Additional paid-in capital 219,055 219,471
Legal reserve 162,663 162,663
Other reserves 269 269
Retained earnings 2,421,238 2,601,792
Other equity reserves 104 925
--------- ---------
3,555,222 3,737,059
Non-controlling interest 277,307 263,647
--------- ---------
Total shareholders' equity 3,832,529 4,000,706
--------- ---------
Total liabilities and shareholders' equity 4,560,375 4,624,973
--------- ---------
Compañía de Minas Buenaventura S.A.A. and Subsidiaries
Consolidated Income Statement
For the three and twelve month periods ended December 31, 2013 and 2012
For the three month period For the twelve month period
ended December, 31 ended December, 31
----------------------------- ----------------------------
2013 2012 2013 2012
US$(000) US$(000) US$(000) US$(000)
Operating income
Net sales 292,001 411,613 1,241,256 1,496,349
Royalty income 7,152 12,557 44,185 67,178
----------- ----------- ----------- -----------
Total operating income 299,153 424,170 1,285,441 1,563,527
Operating costs
Cost of sales, without
considering depreciation
and amortization (159,568) (194,530) (653,536) (625,181)
Exploration in operating
units (31,953) (55,865) (167,143) (153,018)
Depreciation and
amortization (39,729) (38,803) (165,477) (123,043)
Royalties (6,756) (7,547) (30,623) (37,667)
----------- ----------- ----------- -----------
Total operating costs (238,006) (296,745) (1,016,779) (938,909)
----------- ----------- ----------- -----------
Gross profit 61,147 127,425 268,662 624,618
----------- ----------- ----------- -----------
Operating expenses
Administrative expenses (20,992) (21,643) (77,476) (99,295)
Exploration in
non-operating areas (9,444) (22,262) (32,805) (95,491)
Selling expenses (3,492) (5,809) (16,035) (18,090)
Long-term asset
impairment (6,594) (3,617) (6,594) (3,617)
Excess of workers' profit
participation (704) (2,164) (704) (2,164)
Other, net (6,104) 14,753 (2,746) 16,584
----------- ----------- ----------- -----------
Total operating expenses (47,330) (40,742) (136,360) (202,073)
----------- ----------- ----------- -----------
Operating profit 13,817 86,683 132,302 422,545
----------- ----------- ----------- -----------
Other income, net
Share in the results of
associates under equity
method (282,323) 105,105 (108,483) 481,826
Financial income 4,270 1,725 6,623 9,486
Financial expenses (1,460) (3,608) (10,970) (8,290)
Net loss from currency
exchange difference (303) 1,969 (7,012) 1,715
----------- ----------- ----------- -----------
Total other income, net (279,816) 105,191 (119,842) 484,737
Profit before income
taxes and
non-controlling
interest (265,999) 191,874 12,460 907,282
Income taxes (14,493) (28,551) (86,614) (144,236)
Net profit (lost) (280,492) 163,323 (74,154) 763,046
----------- ----------- ----------- -----------
Attributable to:
Owners of the parent (288,419) 154,086 (101,675) 703,626
Non-controlling interest 7,927 9,237 27,521 59,420
----------- ----------- ----------- -----------
(280,492) 163,323 (74,154) 763,046
----------- ----------- ----------- -----------
Basic and diluted
earnings per share
attributable
to owners of the parent,
stated in U.S. dollars (1.13) 0.61 (0.40) 2.77
----------- ----------- ----------- -----------
Weighted average number
of shares outstanding
(common and investment),
in units 254,186,867 254,202,571 254,186,867 254,202,571
----------- ----------- ----------- -----------
Compañía
de Minas
Buenaventura
S.A.A. and
Subsidiaries
Consolidated
Statement of Cash
Flows
For the three and
twelve month
periods ended
December 31, 2013
and 2012
For the three month period For the twelve month period
ended December, 31 ended December, 31
-------------------------- ---------------------------
2013 2012 2013 2012
US$(000) US$(000) US$(000) US$(000)
Operating
activities
Proceeds from sales 311,879 352,963 1,351,359 1,410,120
Value Added Tax
(VAT) recovered 7,815 10,779 66,921 40,940
Royalties received 10,738 21,035 50,562 76,106
Dividends received 2,027 5,613 9,803 16,467
Interest received 4,102 1,700 8,235 8,606
Payments to
suppliers and
third-parties (87,594) (230,558) (742,191) (838,250)
Payments to
employees (46,522) (45,973) (216,799) (201,494)
Payment of income
tax (47) (29,279) (66,427) (136,336)
Payment of
royalties (2,632) (9,187) (30,623) (38,985)
Payment of interest (2,936) (206) (11,494) (1,485)
--------- ---------- --------- ---------
Net cash and cash
equivalents
provided by
operating
activities 196,830 76,887 419,346 335,689
--------- ---------- --------- ---------
Investing
activities
Settlement of
financial assets
at fair value
through profit or
loss 12,944 - 52,944 -
Proceeds from
associate loan's
collections 4,043 - 24,537 -
Proceeds from sales
of mining
concessions,
property, plant and equipment 47 136 5,010 255
Acquisitions of
mining
concessions,
development costs,
property, plant
and equipment (147,494) (134,007) (503,576) (442,927)
Payment for
purchase of
investments - 32,184 -
Proceeds from sales
of investments
shares - 3,658 3,658
Contributions to
associates (1,649) (36,633) (6,988) (58,594)
Decrease in
time-deposits - 539 - 10,121
--------- ---------- --------- ---------
-
Net cash and cash
equivalents used
in investing
activities (132,109) (134,123) (428,073) (487,487)
--------- ---------- --------- ---------
Financing
activities
Increase in
financial
obligations 176,975 19,945 236,975 74,258
Bank loans received - - -
Payment of
financial
obligations (281,215) (48) (260,231) (1,068)
Dividends paid (2,567) (50,887) (78,836) (152,666)
Dividends paid to
non-controlling
interest - (5,764) (13,533) (44,881)
Purchase of
treasury shares - - (462) -
Purchase of
associates'
shares - - - (7,980)
--------- ---------- --------- ---------
Net cash and cash
equivalents
provided by (used
in) financing
activities (106,807) (36,754) (116,087) (132,337)
--------- ---------- --------- ---------
Net increase
(decrease) in cash
and cash
equivalents during
the period (42,086) (93,990) (124,814) (284,135)
Cash and cash
equivalents at the
beginning of the
period 103,984 280,702 186,712 470,847
Cash and cash
equivalents at
period-end 61,898 186,712 61,898 186,712
--------- ---------- --------- ---------
APPENDIX 6
CAS FY2013 VS
FY2012
JULCANI
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 171 15,938 1,158 - 318 17,585 449 21,960 1,292 - 156 23,857
Exploration
Expenses
(US$000) 69 6,393 465 - 128 7,054 138 6,745 397 - 48 7,328
Selling
Expenses
(US$000) 7 685 50 - 14 755 12 586 34 - 4 637
Total (US$000) 247 23,015 1,673 - 460 25,395 599 29,291 1,723 - 208 31,821
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 384 2,229,452 1,713 - 140 Applicable 925 2,420,785 2,120 - 69 Applicable
Not Not
CAS 644 10.32 976 3,281 Applicable 648 12.10 813 3,018 Applicable
MALLAY
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 11,547 6,253 6,481 - 24,282 - 10,720 5,135 5,383 - 21,238
Exploration
Expenses
(US$000) - 4,442 2,406 2,493 - 9,342 - 4,047 1,939 2,032 - 8,019
Selling
Expenses
(US$000) - 677 366 380 - 1,423 - 470 225 236 - 932
Total (US$000) - 16,666 9,026 9,355 - 35,046 - 15,238 7,299 7,652 - 30,188
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold - 1,147,210 6,570 7,614 - Applicable 544,509 3,883 4,438 Applicable
Not Not
CAS 14.53 1,374 1,229 Applicable 27.98 1,880 1,724 Applicable
BREAPAMPA
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 46,139 3,395 - - - 49,535 - - - - - -
Exploration
Expenses
(US$000) 2,771 204 - - - 2,974 - - - - - -
Selling
Expenses
(US$000) - - - - - - - - - - - -
Total (US$000) 48,910 3,599 - - - 52,509 - - - - - -
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 81,436 373,595 - - - Applicable - - - - - Applicable
Not Not
CAS 601 9.63 Applicable Applicable
RECUPERADA
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 7,331 4,831 6,121 - 18,283 - 9,619 4,567 5,102 - 19,288
Exploration
Expenses
(US$000) - 2,643 1,741 2,207 - 6,591 - 3,728 1,770 1,978 - 7,476
Selling
Expenses
(US$000) - 460 303 384 - 1,148 - 563 267 298 - 1,128
Total (US$000) - 10,434 6,875 8,713 - 26,022 - 13,910 6,604 7,378 - 27,892
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold - 417,180 2,907 4,119 - Applicable - 432,521 3,057 3,724 - Applicable
Not Not
CAS 25.01 2,365 2,115 Applicable 32.16 2,160 1,981 Applicable
ORCOPAMPA
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 124,129 5,489 - - - 129,617 112,054 4,750 - - - 116,805
Exploration
Expenses
(US$000) 55,420 2,450 - - - 57,870 47,083 1,996 - - - 49,079
Selling
Expenses
(US$000) 3 0 - - - 3 16 1 - - - 17
Total (US$000) 179,552 7,939 - - - 187,491 159,153 6,747 - - - 165,900
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ---------- Not Not
Volume Sold 223,998 617,433 - - - Applicable 263,695 598,511 - - - Applicable
Not Not
CAS 802 12.86 Applicable 604 11.27 Applicable
UCHUCCHACUA
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 102,915 6,874 5,586 - 115,376 - 112,754 4,155 4,732 - 121,641
Exploration
Expenses
(US$000) - 22,578 1,508 1,225 - 25,311 - 27,165 1,001 1,140 - 29,306
Selling
Expenses
(US$000) - 2,985 199 162 - 3,346 - 4,661 172 196 - 5,029
Total (US$000) - 128,478 8,582 6,973 - 144,033 - 144,580 5,328 6,067 - 155,976
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold - 9,877,877 6,977 6,340 - Applicable - 10,646,579 5,841 7,253 - Applicable
Not Not
CAS 13.01 1,230 1,100 Applicable 13.58 912 837 Applicable
LA ZANJA
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 85,063 917 - - - 85,981 79,469 1,175 - - - 80,644
Exploration
Expenses
(US$000) 1,222 13 - - - 1,236 2,481 37 - - - 2,517
Selling
Expenses
(US$000) 523 6 - - - 528 440 7 - - - 447
Total (US$000) 86,809 936 - - - 87,745 82,390 1,218 - - - 83,608
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 135,037 90,770 - - - Applicable 115,571 91,467 - - - Applicable
Not Not
CAS 643 10.31 Applicable 713 13.32 Applicable
EL BROCAL
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 2,859 14,291 7,759 16,546 78,515 119,969 5,774 36,654 9,964 23,759 77,282 153,433
Exploration
Expenses
(US$000) - - - - - - - - - - - -
Selling
Expenses
(US$000) 209 1,044 567 1,209 5,735 8,763 310 1,969 535 1,276 4,152 8,243
Total (US$000) 3,068 15,335 8,326 17,754 84,250 128,732 6,084 38,623 10,500 25,035 81,434 161,676
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 4,690 1,461,659 8,392 20,011 25,266 Applicable 7,764 2,654,243 10,686 27,734 22,279 Applicable
Not Not
CAS 654 10.49 992 887 3,335 Applicable 784 14.55 983 903 3,655 Applicable
OTHER SMALL UNITS
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 13,218 1,867 39 - - 15,124 28,278 1,007 - - - 29,285
Exploration
Expenses
(US$000) 49,611 7,009 145 - - 56,765 47,601 1,695 - - - 49,295
Selling
Expenses
(US$000) 59 8 0 - - 68 1,600 57 - - - 1,657
Total (US$000) 62,888 8,885 184 - - 71,957 77,479 2,759 - - - 80,238
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 12,955 114,138 25 Applicable 51,675 94,874 Applicable
NON MINING COMPANIES
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales (without
D&A) (US$000) 77,785 58,991
TANTAHUATAY (COIMOLACHE)
FY13 FY12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 60,338 4,726 - - - 65,064 65,453 7,858 - - - 73,311
Exploration
Expenses
(US$000) 15,543 1,217 - - - 16,760 4,538 545 - - - 5,083
Selling
Expenses
(US$000) 484 38 - - - 522 626 75 - - - 701
Total (US$000) 76,365 5,981 - - - 82,346 70,617 8,478 - - - 79,095
-------------- ------- --------- ----- ------ ------ ---------- ------- ---------- ------ ------ ------ ----------
Not Not
Volume Sold 142,432 695,412 Applicable 140,682 904,234 Applicable
Not Not
CAS 536 8.60 Applicable 502 9.38 Applicable
CAS 4Q13 VS
4Q12
JULCANI
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 20 5,056 369 - 56 5,500 141 7,133 406 - 24 7,704
Exploration
Expenses
(US$000) 8 2,103 153 - 23 2,288 47 2,383 136 - 8 2,574
Selling
Expenses
(US$000) 1 163 12 - 2 178 3 159 9 - 1 172
Total (US$000) 28 7,322 534 - 82 7,966 192 9,675 551 - 33 10,450
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ---------- Not Not
Volume Sold 67 878,684 605 49 Applicable 230 609,749 518 - 8 Applicable
Not Not
CAS 425 8.33 882 1,658 Applicable 834 15.87 1,062 3,853 Applicable
MALLAY
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 2,177 1,285 1,380 - 4,842 - 3,492 1,755 1,953 - 7,201
Exploration
Expenses
(US$000) - 849 501 538 - 1,889 - 1,385 696 775 - 2,855
Selling
Expenses
(US$000) - 133 79 84 - 296 - 218 110 122 - 450
Total (US$000) - 3,160 1,865 2,003 - 7,028 - 5,095 2,561 2,850 - 10,506
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold - 279,502 1,615 1,830 - Applicable 237,430 1,762 2,219 Applicable
Not Not
CAS 11.30 1,155 1,095 Applicable 21.46 1,454 1,284 Applicable
BREAPAMPA
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 9,055 775 - - - 9,830 - - - - - -
Exploration
Expenses
(US$000) 185 16 - - - 201 - - - - - -
Selling
Expenses
(US$000) - - - - - - - - - - - -
Total (US$000) 9,240 791 - - - 10,031 - - - - - -
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 20,679 108,665 - - - Applicable - - - - - Applicable
Not Not
CAS 447 7.28 Applicable Applicable
RECUPERADA
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 1,818 1,156 1,613 - 4,587 - 2,913 1,322 1,487 - 5,723
Exploration
Expenses
(US$000) - 396 251 351 - 998 - 1,181 536 603 - 2,320
Selling
Expenses
(US$000) - 85 54 75 - 214 - 154 70 79 - 303
Total (US$000) - 2,299 1,461 2,039 - 5,798 - 4,249 1,928 2,169 - 8,346
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold - 99,835 621 914 - Applicable - 113,694 762 970 - Applicable
Not Not
CAS 23.02 2,352 2,229 Applicable 37.37 2,531 2,236 Applicable
ORCOPAMPA
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 26,809 1,295 - - - 28,104 28,763 1,309 - - - 30,073
Exploration
Expenses
(US$000) 11,455 553 - - - 12,008 13,821 629 - - - 14,450
Selling
Expenses
(US$000) 3 0 - - - 3 - - - - - -
Total (US$000) 38,267 1,848 - - - 40,115 42,584 1,939 - - - 44,523
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 46,078 136,363 - - - Applicable 54,956 131,429 - - - Applicable
Not Not
CAS 830 13.55 Applicable 775 14.75 Applicable
UCHUCCHACUA
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) - 19,555 1,181 1,411 - 22,148 - 43,654 1,840 1,388 - 46,882
Exploration
Expenses
(US$000) - 4,468 270 322 - 5,060 - 9,237 389 294 - 9,920
Selling
Expenses
(US$000) - 565 34 41 - 640 - 1,628 69 52 - 1,749
Total (US$000) - 24,589 1,485 1,775 - 27,848 - 54,519 2,298 1,734 - 58,551
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold - 1,911,587 1,135 1,502 - Applicable - 3,909,947 2,433 2,078 - Applicable
Not Not
CAS 12.86 1,309 1,182 Applicable 13.94 944 834 Applicable
LA ZANJA
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 20,146 259 - - - 20,405 23,815 519 - - - 24,334
Exploration
Expenses
(US$000) 26 0 - - - 26 1,118 24 - - - 1,142
Selling
Expenses
(US$000) 163 2 - - - 165 108 2 - - - 110
Total (US$000) 20,334 262 - - - 20,596 25,040 546 - - - 25,586
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 32,975 26,031 - - - Applicable 28,901 33,111 - - - Applicable
Not Not
CAS 617 10.05 Applicable 866 16.49 Applicable
EL BROCAL
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A) (US$000) 574 4,177 1,522 2,576 22,117 30,967 3,131 6,892 48 - 44,511 54,582
Exploration
Expenses
(US$000) - - - - - - - - - - - -
Selling
Expenses
(US$000) 37 269 98 166 1,426 1,996 171 377 3 - 2,433 2,983
Total (US$000) 612 4,446 1,621 2,742 23,543 32,963 3,302 7,268 51 - 46,944 57,565
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 1,210 539,368 1,932 3,620 8,284 Applicable 3,908 476,154 47 - 12,024 Applicable
Not Not
CAS 505 8.24 839 757 2,842 Applicable 845 15.26 1,089 3,904 Applicable
OTHER SMALL UNITS
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 931 16 - - - 947 4,519 359 - - - 4,878
Exploration
Expenses
(US$000) 9,326 157 - - - 9,483 20,939 1,663 - - - 22,602
Selling
Expenses
(US$000) - - - - - - 39 3 - - - 42
Total (US$000) 10,258 172 - - - 10,430 25,497 2,025 - - - 27,522
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 433 452 - - - Applicable 4,422 18,613 - - - Applicable
NON MINING COMPANIES
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 32,229 13,153
TANTAHUATAY (COIMOLACHE)
4Q13 4Q12
GOLD SILVER LEAD ZINC COPPER GOLD SILVER LEAD ZINC COPPER
(OZ) (OZ) (MT) (MT) (MT) TOTAL (OZ) (OZ) (MT) (MT) (MT) TOTAL
Cost of Sales
(without D&A)
(US$000) 11,869 745 - - - 12,613 19,930 2,694 - - - 22,625
Exploration
Expenses
(US$000) 1,079 68 - - - 1,147 3,448 466 - - - 3,915
Selling
Expenses
(US$000) 58 4 - - - 61 170 23 - - - 193
Total (US$000) 13,005 816 - - - 13,821 23,549 3,183 - - - 26,732
-------------- ------ --------- ----- ----- ------ ---------- ------ --------- ----- ----- ------ ----------
Not Not
Volume Sold 34,678 133,517 Applicable 37,736 267,999 Applicable
Not Not
CAS 375 6.11 Applicable 624 11.88 Applicable
CONTACT: Compañia de Minas Buenaventura S.A.A. Contacts in Lima:
Carlos Galvez, 511-419-2540
Chief Financial Officer
or
Daniel Dominguez, 511-419-2591
Director of Treasury and Investor Relations
or
Contacts in New York:
i-advize Corporate Communications
Maria Barona, 212-406-3691
or
Rafael Borja, 212-406-3693
